To Fish Out Of Nelson

Press, Volume CIV, Issue 30762, 28 May 1965, Page 1

To Fish Out Of Nelson

'N.Z. Press Association) WELLINGTON, May 27. The formation of a £500,000 company to set up a deep-sea fishing industry was announced tonight. The company, New Zealand Sea Products Export, Ltd., has Government approval to import 140 ft diesel-driven trawlers built in Sweden.

The vessels will operate from Nelson, where a processing factory and a freezer for storage will be built.

The chairman of the company will be Rear Admiral Sir Peter Phipps, who will retire as Chief of Defence Staff at the end of June. The company will issue a prospectus on June 10 and will offer the public 2.000.000 5s shares. The other directors will be Messrs J. N. C. Doing (Auckland), G. T. Perano and F. Fordham, J. C. Treadwell and A. D. P. Williams, all of Wellington. The company, in its announcement, said the current demand for New Zealand fish in Australia was high, at

prices providing a very profitable margin over estimated costs. “While a high proportion of initial production will be sold to Australia, it is proposed to establish outlets on a world-wide basis so as not

to rely for a long period on one market. “To further this policy an arrangement has been made with an overseas marketing firm with representation in all major countries. “Once these items are

firmly established, the company could go into consumer packs, canned fish, smoked fish and shell fish.” One of the directors said tonight that two trawlers would be ordered when the financial arrangements were completed. They would be delivered in about 18 months.